According to ABI Research, The market for mobile fund transfers will grow to a revenue opportunity of nearly $8 billion for wireless carriers by 2012, up from some $10 million last year.
By enabling subscribers to send and receive money using their wireless phones, wireless carriers have the opportunity to bring local banking services to millions of people around the world. Such services also could deliver a valuable new revenue stream. Mobile networks offer a number of advantages over existing fund transfer offerings, but most convincing is the high level of adoption and reach of wireless services both geographically and demographically. However, wireless carriers can't do this alone. The need for a banking license to offer such services in most countries means carriers must partner with established banking institutions. Partnerships are encouraged by offering services institutions an effective way to reach new as well as existing customers. ABI Research believes these partnerships, once forged between operators and the financial sector to target mobile fund transfers, also will provide a foundation for a host of additional joint offerings. Meanwhile, startups focused on delivering mobile fund transfers to mobile subscribers also have emerged to drive mobile fund transfer adoption. In one of my earlier postings - "Banks and Telcos - Partnerships of future", I have actually stressed on the same
While enabling national and even localized fund transfers delivers a good business case for operators, ABI says it is in the realm of international payments or remittances that the bulk of the market opportunity lays. Large sums already flow from workers who move overseas but send payments back to family members and friends in their home countries. Targeting these transactions, several wireless carriers and international financial institutions already are offering or developing an international capability for mobile fund transfers.
Another study by Juniper Research predicts that P2P fund transfers and mobile payments in the developing world, together with the commercialization in 2009 of NFC (Near Field Communications) based mPayments will generate transactions worth approximately $22bn and Mobile Payments to be Adopted by 204 Million Mobile Phone Users
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